Lam Dong: Taking advantage of all resources and investment flow

Da Lat market roundabout.

Lam Dong is a province located in the South Central Highlands with an altitude difference of 300 to 1,500 m above sea level, with an average temperature of 18-25⁰C with an area of 9,781.20 km2. It borders Binh Thuan province to the South and Southeast; the East borders Khanh Hoa province - Ninh Thuan province; The North borders Dak Lak - Dak Nong province and the Southwest borders Dong Nai - Binh Phuoc province.

Lam Dong has 12 administrative units including two cities and 10 districts; Da Lat city is the administrative and economic center of the province. The province's population is over 1.3 million people with 43 ethnic groups. Located in the Southern key economic region - a dynamic area with high economic growth rate and a market with great potential, Lam Dong has many potentials and strengths for socio-economic development.

Tuyen Lam lake.

Going beyond socio-economic targets

In the context of the situation in the world and in the country with many difficult developments and new challenges, thanks to the support of the Central Committee, the timely and close leadership and direction of the Provincial Party Committee and the drastic, flexible, reasonable intervention of the whole political system, in 2022, the Covid-19 epidemic situation started being effectively controlled, creating a premise for promoting the recovery and strong development of production and business sectors over the same period in 2021. Most of the socio-economic development targets have been completed and exceeded the plan set out in the Resolution of the Provincial Party Committee and the Provincial People's Council, contributing to offset the indicators that had not been reached in 2021 due to the heavy impact of the Covid-19 pandemic.

Gross Domestic Product GRDP increased by 12.09%; where: agriculture, forestry and aquatic products increased by 5.02%; the industry - construction sector increased by 9.55%; service sector increased by 21.21%. In terms of economic structure, the agriculture, forestry and fisheries sector accounted for 38.62%, the construction industry accounted for 20.38%, and the service sector accounted for 41%.

Da Lat city center.

GRDP per capita is 77.67 million VND; the average growth rate of social labor productivity is 16.5%. Total state budget revenue in the area is 13,200 billion VND, increased by 19.89% and equals to 120% of the local estimate; in which, revenue from taxes and fees is 8,313 billion dong, increased by 25.2%, reaching 131.9% of the local estimate.

The province's total export turnover in 2022 reached $886.7 million, increased by 27.3% over the same period. Tourist arrivals reached 7 million arrivals, increased by 340% over the same period; in which: 150 thousand international visitors, reaching 100% of the plan, increased by 700%; Guests registered to stay reached 5.5 million visitors, reaching 110% of the plan, 300% over the same period.

Industrial production value was estimated at VND 23,565 billion, increased by 15.3%, reaching 110.3% of the plan; The industrial production index was estimated to increase by 13.2%. Some major industrial products achieved comparable growth. Particularly in December 2022, the industrial production index was estimated to increase by 1.79% over the same period; manufacturing and processing industry increased by 13.46%, production and distribution of gas electricity, steamed hot water and air conditioning increased by 0.93%...

Xuan Truong valley.

Lam Dong continues to develop linkages in processing and manufacturing industry activities associated with domestic product consumption and export with key product groups such as tea, coffee, silk, flowers, vegetables, fruits, medicinal herbs, etc. according to the Resolution No. 21-NQ/TU dated May 25, 2022 of the Provincial Party Committee on the development of industry and handicrafts to 2025, with orientation to 2030.

With the close and drastic direction of the Provincial Party Committee and the Provincial People's Committee, the progress of disbursement of public investment capital has achieved positive results, being in the group of localities with high disbursement rate of the whole country and being recognized by the Prime Minister at Official Dispatch No. 1076/CD-TTg on November 10, 2022. The total public investment capital plan allocated and assigned in 2022 was VND 6,487.3 billion (including: VND 5,764.5 billion in 2022 and capital transferred from 2021: VND 722.8 billion); Disbursement of public investment capital in 2022 reached over 95%.

Green tea hills.

The Provincial Party Committee, Provincial People's Committee and Provincial National Assembly Delegation regularly propose and work with the Government, Prime Minister and central ministries and sectors to accelerate the implementation of key projects and achieve many positive results such as: the Tan Phu highway project (Dong Nai province) - Bao Loc (Lam Dong province) which was approved by the Prime Minister for investment policy in Decision No. 1386/QDTTg dated November 10, 2022, with a length of 66km, a total investment of 17,200 billion VND; The Bao Loc - Lien Khuong expressway project has a length of 73.6km, a total investment of about 19,520 billion VND, approved by the Provincial People's Council in Resolution No. 151/NQ-HDND dated December 9, 2022 and projects will be commenced 2023.

Promoting internal resources, promoting investment attraction from outside

In 2022, the whole province attracted 23 projects with a registered capital of around VND 19,690 billion (of which, there were 2 wind power production projects with a total investment of VND 4,500 billion); bringing the total number of projects in the province to 977 projects, with total registered capital of about VND 146,052 billion. Some large projects will be completed and put into operation in 2022, such as: Hoang De Hotel Complex and Trade Center; Dai Binh hydropower plant with total investment capital of 1,286 billion VND…

Xuan Huong Lake at night.

Regarding foreign investment (FDI), Lam Dong province currently has 98 FDI projects from 19 countries and territories, mainly Taiwan (China), Japan, Korea, Singapore, etc. with a total capital of about VND 12,570 billion (equivalent to 551 million USD), with an area of ​​2,234.8 hectares.

The attraction of investment in projects using non-budget capital, especially foreign investment projects, is still not commensurate with the potential and advantages of Lam Dong province. Most investment projects in Lam Dong are small projects, mainly in the field of agricultural production combined with preliminary processing; in which 90 FDI projects have been completed and put into production and business operations; 4 FDI projects partially completed and put into operation. Up to now, the total FDI investment capital in Lam Dong is about VND 9,251 billion, equaling 73.6% of the total registered investment capital.

Cau Dat wind power.

For sustainable development in the integration period, the province determines that besides promoting internal resources, attracting investment capital from outside is very important. Therefore, Lam Dong calls on domestic and foreign businesses and investors, especially those from the countries with the largest developed economies in the world (G7) to come to learn and invest in advantage areas of the province on the principle of win-win cooperation, contributing to creating a breakthrough, promoting Lam Dong's economy to develop quickly and sustainably.

Provincial People's Committee directs sectors and levels to implement many solutions to unblock difficulties and obstacles in the process of operation and project implementation of enterprises; accelerate the promotion and attraction of non-budget investment projects in the province. Localities have proactively reviewed land funds and areas that are likely to attract investment in the province to propose projects or prepare the planning (for areas without planning).

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